Zak Money Send User Agreement
About Zak Money
Zak Money® is a trading name of Zak Money Exchange Limited, a company incorporated under the laws of England and Wales with registration number 04995400. We are authorised by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2017 for money transfer. FRN: 508565.
Introduction & Definitions
Zak Money operates a service that allows you to transfer money to make available from our payout partners through us in store, over the phone, via our website (http://online.zakmoney.co.uk) and our mobile application (the “Service”)
All references to ‘our’, ‘us’ or ‘we’ within these Terms and Conditions are deemed to refer to Zak Money Exchange Limited referred as ‘’Zak Money’’ this includes where applicable employees, directors, successors, affiliates, and assigns.
All references to ‘you’ or “‘your’ within these Terms and Conditions are deemed to refer to the User of our Service whether as Senders, Recipients, or visitors to our store, website or mobile application.
“App” means Zak Money mobile application you can use for sending Payment instructions.
“Website” means Zak Money web portal you can use for sending Payment instructions.
“Payment Method” means a valid method of payment used to fund payment instruction
“Destination country” means the country in which the recipient receives money through a service.
“Service Fee” means our fee (which vary depending upon destination country and amount you send).
These Terms & Conditions govern your use of website, mobile app and your use of services.
These Terms of Use govern the opening, use and closure of your Zak Money account
and other related payment services as referred to herein. Together with any other terms and conditions referred to in these Terms of Use along with Privacy Policy, they constitute the agreement between you and us. You are advised to print or download and keep a copy of these Terms of Use for future reference. You can always view the current Terms of Use on our Website & Mobile app.
If you participate in any rewards programme you agree to be bound by any separate terms and conditions mentioned on the relevant page/portal.
Your use of the Site and Service (including accessing, browsing or registering to use the Site) confirms your unconditional agreement to be bound by these Terms and Conditions and is subject to your continued compliance with these Terms.
I If you do not wish to be bound by these Terms and Conditions please do not access, register with us or use the Service.
We reserve the right to revise these Terms and Conditions at any time by amending this page without notice and your continued use of the Site after any such amendments are published on the Site will be considered acceptance by you of such amended Terms and Conditions. Updated Terms and Conditions will supersede all previous versions of the Terms and Conditions. Please check this page regularly to take notice of any changes w e have made, as they are binding on you.
Accessing & Using the Service
Users must be at least 18 years old to create an account with us and to use the Service.
The Service is only offered to Users who are UK residents only.
You must be a bank account holder. (only for online customers)
You undertake to act on your own behalf when using the Service and to only use accepted means of payment connected to an account in your own name.
You furthermore undertake to only make a Transfer to someone you know and to ensure that the recipient receives the Transfer on his/her own behalf. The Service may
not be used for Transfers to legal entities, such as companies or organisations, or to buy goods and/or services from someone you do not know.
Your use of the Service requires an account identifying you as a user of the Service (an “Account”). You are solely responsible for your Account and the maintenance, confidentiality and security of your Account and all passwords related to your Account, and any and all activities that occur under your Account, including all activities of any persons who gain access to your Account with or without your permission.
You agree to immediately notify Zak Money, to the extent that you are or
become aware, of any unauthorised use of your Account, any service provided through your Account or any password related to your Account, or any other breach of security with respect to your Account or any service provided through it, and you agree to provide assistance to us, as requested, to stop or remedy any breach of security related to your Account.
Users may only open one account unless we have agreed otherwise in writing. Zak Money may refuse the creation of duplicate accounts for the same User. Where duplicate accounts are detected, Zak Money may deactivate or merge these duplicate accounts at its sole discretion.
You undertake to notify our customer support team in writing if you are or have been a politically exposed person (PEP) and thus have or have had a high political or state
position or are related to and/or a close associate of a person with such a position. You further undertake to notify us of any changes in respect hereto.
You may not use any anonymizer tool.
By accepting these Terms, you confirm that neither you nor the recipient are subject to any sanctions imposed by the EU, the UN, the UK and/or the US and that the Service will not be used for illegal purposes, such as e.g. money laundering, terrorist financi ng or fraud. Nor will the Service be used to dispose of, acquire, hold or use funds derived from criminal activities.
Customer Due Diligence
We are required by law to carry out customer due diligence checks on you in order to provide the Service to you.
You undertake to identify yourself by providing a copy of a valid identity document as instructed within the Service. A valid email is required to login to the Service. Where a copy of an identity document may be provided, such documen t will be validated by a reputable third-party provider before we are able to approve the registration of your account. Please note that we at all times require you to prove your identity with a valid identity document and thus that your account will be automatically locked upon the expiration of the identity document that you have provided.
You are responsible for ensuring that the information provided when creating an account is valid, complete and correct. You shall immediately notify us and provide supplementary information if any information provided would expire or otherwise ceas e to be complete and/or correct. Please note that our customer records may be updated and/or verified from official registers or other third-party sources. You need to notify our customer support team if any information provided from official registers wou ld be incorrect.
To ensure the safety of the funds transferred within the Service, all Users and recipients are regularly screened against applicable PEP and sanction lists. Such
screening is performed by a reputable third-party provider through an automated function
within the Service. In addition, all Transfers are subject to our transaction monitoring system, which is designed to detect, for instance, odd transfers or behavioural patterns.
You agree to comply with any request from us or any intermediary party for further information and provide such information in a format acceptable to us. In addition, you agree that we may make, directly or through a third party, inquiries and checks we consider necessary to validate or supplement the information you have provided to us. Please note that failure to comply with an information request may lead to a Transfer being halted, revoked or refused or your account becoming restricted.
We may require providing us with such evidence from where you have acquired the funds, such as; Bank or financial statements.
Making Transfers
For a money transfer order to be executed correctly, you are required to follow the instructions given within the Service at the time of the initiation of a Transfer.
You are responsible for ensuring coverage for the money transfer order and that any information, such as the information on the recipient (including name, address , Date of Birth, and phone number), the amount and the reason for the Transfer, are filled in correctly, we may also request additional information relating to payment instruction. We are not responsible for any errors due to you having entered incorrect information.
Your approval of a Transfer is given within the Service upon your approval of withdrawal of funds as stipulated by the provider of the chosen payment method (regardless of whether this occurs on a business day or not).
A money transfer order shall be considered to have been received by us when you have approved/signed the Transfer, at which time you may no longer withdraw the Transfer. A Transfer shall be considered completed at the time it has been made available to the recipient.
For your convenience, following our receipt of your money transfer order, we will send you a written confirmation by email, SMS, and/or notification via the App. We may also send a notice to the recipient. Zak Money cannot be held responsible for the non-delivery of such messages.
While we are generally able to send Transfers next day, when the Recipient’s Service Provider receives the Payout Amount depends on the currency and Destination Country of the Transfer. If your Transfer is in any currency other than £ and to an account outside the UK, it will reach the account of the Recipient as soon as we can get it there. Banking practices will vary depending on the country – for more information on when a payment will be credited to the Recipient’s account you will need to contact that Service Provider.
Transaction times may be longer in the event that the Recipient’s Service Provider needs to undertake enhanced anti-money laundering checks on the transfer. Delivery times quoted on our website (or elsewhere) are representative for the “normal”/average service and are not a guarantee of an individual Service or Transfer time.
You undertake to ensure that the recipient will show and/or provide any customer due diligence information as requested by us and/or the pay-out party upon the receipt of the Transfer, such as valid identification documentation, proof of purpose of the Transfer and/or other information as reasonably requested.
If you have made a Transfer for cash pick-up, if the cash is not validly picked up by the Recipient within 90 days of when it was first made available we may cancel the Transfer and, to the extent possible, refund the amounts to the Payment Method used. This is subject to the timings and conditions set by our payment processing partners.
Fee & Exchange Rates
Information on applicable fees and exchange rates are available within the Service. The applicable exchange rate is calculated at Zak Money discretion based on the market rate and a mark-up, as determined by Zak Money from time to time. Zak Money may earn a profit on the mark-up. Before the approval of a Transfer, the exact fee and exchange rate for the specific Transfer will be shown within the Service.
You must pay any Service Fees that are applicable to your Payment Instruction. Our Service Fees and live exchange rates are available on our website and in the App. Service Fees are due when you submit your Payment Instruction and are non-refundable.
We are not responsible for any taxes, fees and/or other costs not incurred by us and which may apply to a Transfer, including but not limited to possible card fees or charges applied by telephone service providers for text messages or other data- or telecommunication.
If the recipient would choose to receive the Transfer in a currency other than the User’s selected receiving currency (when and where available), such change of currency may be subject to an exchange rate mark-up or fee as determined by the pay-out party.
Your Payment Method may give you chargeback rights. You agree that you will not request a chargeback for reasons for which we are not responsible, such as a dispute with your Recipient. We may charge you for our costs associated with your chargebacks.
Our responsibility for the transfer execution
It is our responsibility to correctly execute a valid money transfer order initiated by you. If a valid money transfer order is not executed or executed inadequately, Zak Money shall upon your request and free of charge track the initiated Transfer and inf orm you of the result.
However, a money transfer order may be halted, revoked or refused at any time as long as we have the technical ability to do so and if we have reason to believe (as determined in our discretion) that: (i) any information provided would be incorrect and/or incomplete;
(ii) the use of the Service is non-secure; (iii) you would be in breach of any provision of these Terms or any other policies or instructions related to the Service; (iv) you would be in breach of any applicable law or regulation; (v) we or any intermediary party would breach applicable law or regulations if the Transfer is executed; and/or (vi) we or any intermediary party would be requested or recommended to do so by any competent court of law, regulating authority, public agency, law enforcement agency or industry association.
We may also halt, revoke and refuse a money transfer order if: (i) you have reached applicable transaction limits; and/or (ii) we or any intermediary party would require further information from you or the recipient.
If we are unable to complete your money transfer order, we will let you know and repay you any amount received by us, provided that we are not prohibited by law from doing so.
Refunds
You can request a refund of a Transfer within thirteen (13) months of the Transfer occurring if:
(i) someone made a Payment Instruction without your permission; or (ii) we fail to send a
Transfer on time to the right Recipient and for the right amount, as set out on your confirmed Payment Instruction. However, we may refuse a refund if we can show that:
you have acted fraudulently;
you intentionally or with gross negligence did not take reasonable steps to keep c) your Security Details secret;
- d) you are asking for a refund of a Transfer that took place before you told us that e) your login was being misused;
the Recipient have already taken the amount via pay-out channel;
the Recipient received the money into their account at the Service Provider; or there was a mistake in the Payment Instruction (e.g. the Recipient’s account details) which you gave us.
If you wish to request a refund for a Transfer, you should do so immediately and in any event no later than thirteen (13) months after the Transfer. A request for a refund for a Transfer must be submitted in writing (by email or the way the payment instructions were carried out via App or whatsapp) to the contact details listed in the Contact section, giving the Sender’s full name, address, and phone number, together with the Transfer tracking number (Pin No), Send Amount, and the reason for your refund request.
If we have executed the Transfer in accordance with your Payment instruction you provided, and that information was incorrect, we are not responsible for the error. We will make reasonable efforts to recover the funds if possible. We will not refund the
transaction/transfer fee, only the original amount of transfer will be refunded.
For Transfers made using a Payment Method, any refunds will be credited automatically to the latest known Payment Method used to fund the Transfer (if any), in the same currency used to fund the Transfer. We may request additional details from you to process the refund.
Processing of Personal Data
We process personal data of our Users as a data controller in order to e.g. fulfil our agreements and provide the Service as well as to comply with our legal obligations. For detailed information of our processing of personal data, please see our privacy policy available here on our website or contact our customer support team.
Termination of This Agreement
Zak Money reserve the right to terminate this agreement immediately without any prior notice if you breach this agreement or any of its policies.
if any Insolvency proceedings by or against you is commenced under any provision of any bankruptcy or insolvency law, we will be entitled to recover th e full balance of your Account immediately after the latest transaction (including reasonable legal costs and expenses) incurred in connection with the enforcement of this Agreement.
Guarantee
10.1. Zak Money does not guarantee continuous, uninterrupted or secure access to any part of the Service, and operation of our site may be temporarily suspended for maintenance or upgrade or interference by numerous factors outside of our control. We will make reasonable efforts to ensure that requests for electronic debits and credits involving bank accounts are processed in a timely manner but we make no promises regarding the amount of time needed to complete processing because the Service is dependent upon many factors outside of our control, such as delays in the banking system.
Compensation
Zak Money does not guarantee continuous, uninterrupted or secure access to any You agree to compensate Zak Money, its shareholders, and affiliates, and our officers, directors, agents, joint ventures, employees and suppliers in respect of any claim, demand (including Solicitors fees), fine, or other liability incurred by Zak Money or any third party due to or arising out of your breach of this Agreement.
Intellectual Property
https://www.zakmoneyexchange.com , http://online.zakmoney.co.uk and all other URLs, logos and trademarks related to the Zak Money are either trademarks or registere d trademarks of Zak Money or its licensors. You may not copy, imitate or use them without our prior written consent. In addition, all page headers, custom graphics, button icons, and
scripts are service marks, trademarks, and/or trade dress of Zak Money. As well, you may not copy, imitate, or use them without our prior written consent. All rights, title and interest in and to the Zak Money website, the technology related to the Zak Money, is the exclusive property of Zak Money and its licensors.
Compensation
You may not transfer or assign any rights or obligations you have under this Agreement without our prior written consent.
Complaints Handling Procedure
If you are dissatisfied with our Service, please contact our complaints department by email at support@zakmoneyexchange.com. We will acknowledge receipt of your complaint and send you a copy of our complaints handling procedure.
We will investigate your complaint, which may involve asking you for further information. We aim to resolve complaints at the earliest possible opportunity, but will (unless you have accepted our earlier response) provide you with our final response within 15 business days from receipt of your complaint (unless something out of our
control causes a delay, in which case we will provide you with our final response within 35 business days).
If you are not happy with our final response, you may be able to refer your complaint to the Financial Ombudsman Service for free. The Financial Ombudsman Service can be contracted at:
Financial Ombudsman Service Exchange Tower
London E14 9SR
Free phone: 0800 023 4567
Low-cost phone: 0300 123 9123
Email: complaint.info@financial-ombudsman.org.uk Website: www.financial-ombudsman.org.uk
Governing Law & Jurisdiction
Unless otherwise provided by applicable law, this Agreement shall be governed by the laws of England and Wales. You can bring proceedings in respect of this Agreement and the Services in the English courts. However, as a consumer: (i) if you live in Scotla nd you can bring legal proceedings in respect of this Agreement or the Services in either the Scottish or the English courts; (ii) if you live in Northern Ireland you can bring legal
proceedings in respect of this Agreement and the Services in either the N orthern Irish or the English courts;
Notices
Notices to you; You agree that we may provide you communications about your Account and the Service electronically via App/website or an agreed e-mail address.
Notices to Zak Money; notices to us must be sent by e-mail to
support@zakmoneyexchange.com Updated on 05 December 2023